Last week though I depicted in chart the correct band of movement. I went conservative and quoted figures less by 2 points (2*40 = 180). I quoted 6100, whereas actual is 6153 (in the Figure, it's at 6180 Point).
This is the effect of the huge break-out started from the level of 4940! We don't realize but it has moved 1200 points! Almost in one direction after long-periods of consolidation. Even then I could catch only a few of those points (and not to forget lost a few also!).
This week as I see, it has broken above the extreme UP channel. Hardly any room to move up. A DOWN side support half-way at 5820 - 5860. This is a very good entry point for testing the all time-high!
Daily Analysis:
Daily chart reading was quite effective. Expected the triangular force to give a high-target in the range of 6100+.
Now that it has broken. As per P&F calculation, it should now target 9*20*3 = 540 points from the bottom of the consolidation zone (5940), i.e. 5940 + 540 = 6480! Well, I know that's a new HIGH! But, this is under the condition that the support 5940 does not get broken ever before the target is achieved!
We see the existing UP channel is offering some resistance. Support should be very near-by 6060, break of which should 5960. But in all possibility a new UP channel is in formation, and perhaps we need to shift to that momentum (which in Elliott Wave is known as V-th wave!)
Hourly Analysis:
A staggered break-out (second attempt) has happened in Hourly chart. But, it has happened quite clearly. Near-term support as of date seen half-way 6050 - 6060!
Summary:
UP side momentum can get a temporary halt. 6060 should be seen as an entry point. However, convincing break of it (6060), 5960 should be next target for entry. Even if that (5960) breaks, 5860 should be a must entry point for a long target!
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